$700M: Fla. business loss on Jan. 1 if Amendment 2 fails

Florida businesses and renters could find their property taxes raised by $700 million at the start of 2019 – a point advocates of Amendment 2 want voters to consider before casting their ballot in November.

Prior to 2008, businesses and rental properties or second homes faced unlimited hikes in property taxes each year as values soared. To stabilize the market, a constitutional amendment capped yearly property tax increases for non-homestead properties at 10 percent. That cap expires at the end of the year, but Amendment 2 would extend the cap permanently should it pass.

A coalition of groups supporting Amendment 2, including Florida TaxWatch and Florida Realtors, says major tax hikes are likely without the amendment.

Florida TaxWatch’s Robert Weissert warns of “nearly a billion-dollar recurring tax increase for businesses throughout the state. “This will stifle growth. It will cost jobs. It will increase costs for consumers.”